Binance Weekly Report: Millions in Support of DeFi on BSC

Saturday 17 October 2020, 12:41 PM AEST - 6 days ago

In this weekly report (October 10 to October 16, 2020): We revealed the first batch of projects that benefit from the $100 million Binance Smart Chain Accelerator Fund, launched a new token sale on Launchpad, and more.

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Crypto Market Overview

BTC breaks $11,500 before Friday fall

This past week, Bitcoin saw sideways price action, characterized by brief spikes to above $11,500 in four separate occasions, followed by equally brief corrections. BTC hit a weekly high of almost $11,700, but it suffered a late drop from above $11,500 to as low as $11,240 on Friday before closing the week at $11,300, according to data from CoinMarketCap.

Altcoins mostly followed BTCs price trends. Ethereum began and ended the week at around $365, with a high of $395 on Tuesday. BNB fared better this week, rising from $28.50 to as high as almost $32, before a late Friday fall that sent the price down to $30 to end the week.

The cryptocurrency industry's total market capitalization rose from $350 billion to $355 billion week over week, with a peak of almost $370 billion on Tuesday.

For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.

Binance Smart Chain News

1. Binance names BSC accelerator funds inaugural class. We have granted a total of $350,000 to AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima as part of the $100 million BSC Accelerator Fund, one of the largest seed funds within the DeFi space.

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